Chinese stock market fell 3.6% on heels of new 20% property tax in the country to cool down rising “bubbly” real estate prices.
“When there are new rules like these, it extends far beyond property shares,” Zhang Yanbin, an analyst with Zheshang Securities Co. in Shanghai, said by phone today. “There have been talks of property measures in the past few weeks, leading to declines in the market. The news over the weekend was evidence of a detailed measure, hence the loss is much bigger.” As quoted in the Bloomberg Article
Hong Kong fell 1.5% as India stayed relatively flat at -0.3%.
Japanese stock market however continued to climb with a +.4% rise in the Nikkei and hitting at 53 month high in intra-trading.
European stocks in early trading are move lower London down 0.5%, Paris down 0.2% and Frankfurt down 0.5%.